$35,500 Car Loan for 60 Months
What's the monthly payment on a $35,500 car with a 60 month (5 year) loan?
After down payment, the auto loan will be $28,400.
At 6.95% interest with a 60 month loan:
Monthly payment = $562
Total yearly payments = $6,740
Payments by Interest Rate
Interest Rate |
Monthly |
1.5% |
$492 |
2.5% |
$504 |
3.5% |
$517 |
4.5% |
$529 |
5.5% |
$542 |
6.5% |
$556 |
7.5% |
$569 |
8.5% |
$583 |
9.5% |
$596 |
Payments by Amount Down
Down |
Monthly |
$0 |
$702 |
$2,000 |
$663 |
$5,000 |
$603 |
$8,000 |
$544 |
$10,000 |
$504 |
$15,000 |
$405 |
Payments by Loan Length
Length |
Monthly |
24 months |
$1,271 |
36 months |
$876 |
48 months |
$679 |
60 months |
$562 |
72 months |
$484 |
84 months |
$428 |
Long Term or Short Term Auto Loan?
Generally speaking, if you can afford it, it's better to get a shorter term loan. Your payments will be higher, but your interest rate will be lower. More importantly, you'll have your car or truck paid off sooner.
That said, a longer term loan will result in lower monthly payments. You might want to choose this option if you have high-interest credit card debt, or you don't have enough cash to pay for emergencies.
As always, it pays to shop around and get multiple quotes before choosing a loan.
Average One-Way Commute Time by State
State |
Minutes |
New York | 34.0 |
Maryland | 33.7 |
New Jersey | 33.1 |
Massachusetts | 31.0 |
California | 30.7 |
Illinois | 29.6 |
Georgia | 29.3 |
Virginia | 29.1 |
Washington | 28.8 |
Florida | 28.4 |
Hawaii | 28.1 |
New Hampshire | 28.0 |
Pennsylvania | 27.8 |
Texas | 27.2 |
Connecticut | 27.0 |
Delaware | 26.7 |
Arizona | 26.6 |
Louisiana | 26.6 |
Colorado | 26.5 |
West Virginia | 26.4 |
South Carolina | 26.0 |
Tennessee | 25.9 |
North Carolina | 25.7 |
Rhode Island | 25.7 |
Nevada | 25.6 |
Alabama | 25.4 |
Michigan | 25.1 |
Mississippi | 25.1 |
Maine | 24.6 |
Minnesota | 24.4 |
Missouri | 24.3 |
Ohio | 24.3 |
Indiana | 24.2 |
Kentucky | 24.2 |
Oregon | 24.2 |
Vermont | 24.0 |
Oklahoma | 22.7 |
Wisconsin | 22.7 |
New Mexico | 22.6 |
Utah | 22.5 |
Arkansas | 21.9 |
Idaho | 21.5 |
Alaska | 20.2 |
Kansas | 20.0 |
Iowa | 19.8 |
Montana | 19.5 |
Nebraska | 19.5 |
Wyoming | 19.1 |
North Dakota | 17.9 |
South Dakota | 17.9 |